Dutch Authorities Are Unhappy with Crypto Again

In June, the Dutch Authority for the Financial Markets (AFM) issued a letter of concern. In it, they doubted whether cryptocurrency operations conform with the country’s licensing law. Now, the Dutch central bank has come up with a new critique: cryptocurrency is not real money, according to it.

Bank divisional director Petra Hielkema has made it clear why she thinks so: “If something wants to be treated as money, you have to be able to spend, save and calculate with it. However, things are not often bought with cryptocurrencies, it is too volatile for savings and its value is expressed in real money. So we do not consider it to be money as such.”

The logic is understandable and yet doubtful at the same time. If cryptocurrency is not money, then how come you can buy things with it? This is good food for thought, especially since some researchers have already proven that crypto partially meets money criteria.

However, while the Dutch bank is not that enthusiastic about the cryptomarket it does consider blockchain to be interesting. “We have been experimenting with the technology for the past three years and have developed four prototypes,’ Hielkema said.

She also added that the experiments have shown that it is too early to adopt the technology. However, the result still looks promising, as it provides “possibilities in the future, with more innovation.”

A warm hello from Ukraine! My name is Lesia, I am a journalist, writer, political scientist, and crypto enthusiast. Before joining AltcoinBuzz in May I knew nothing about crypto, I was in the dark (it was very gloomy indeed). I was all skeptic and suspicious. But then one day, probably in June-July when I was doing a podcast with James and Matt, I finally grasped the concept in full. That is when I truly started to enjoy it thoroughly. I am a big believer in crypto and blockchain. There is no doubt that it is the future. But be patient, it needs time, like a fine Chardonnay. However, if you want to know when the next bull run is happening, I highly recommend asking Luc Lammers. He will definitely spill the beans! xxx

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